Bitcoin pops above $14000 for the first time

Pedestrians walk past a Bitcoin currency poster in central Tokyo Japan. The digital currency has now breached the $12,000 level. Franck Robichon  EPA

Bitcoin has enjoyed a stunning rise this year, drawing increasing attention from mainstream investors.

Bitcoin rocketed above $15,000 for the first time on Thursday, after adding more than $2,000 to its price in fewer than 12 hours.

The rapid rise in value of the e-Currency this year has been attributed to the projection that established fund managers might start investing heavily into the virtual currency as it gains legitimacy.

Howard Davies, chairman of the Royal Bank of Scotland, seems to think bitcoin is akin to Dante's inferno. "This is a very, very unusual market, that shows we're not in a normal two-way trading market".

Prices have been boosted after CBOE Global markets said it will launch trading in in the cryptocurrency from December 10 after receiving a green light from the Commodity Futures Trading Commission. Those warnings were laid out in an open letter via the Futures Industry Association on Wednesday.

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Bitcoin continued surging for the second day in a row on Thursday to break through yet another psychologically important level easily. She said this paves the way toward testing with outside businesses. The spree of gains, which is baffling experts who believe the valuation of Bitcoin has formed a bubble that should have popped a while ago, appears to be driven by rising demand in South Korea.

USA regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world's biggest futures centre the Chicago Mercantile Exchange (CME). Nasdaq is planning to offer futures in 2018, according to a person familiar with the matter. Over the year bitcoin has risen by 1,574 percent.

This has also sparked controversy from the establishment in fact even the US Senate is considering drafting a bill to outlaw the concealment of ownership of digital currency accounts, which could threaten Bitcoin.

Lightning Network, the company behind the technology, is trying to move some transactions away from the blockchain by allowing buyers and sellers to transact privately and later broadcast their activity to the public network.

Last week Goldman Sachs CEO Lloyd Blankfein claimed that Bitcoin was "a vehicle to perpetrate fraud" as the value of the cryptocurrency plunged 20% in less than 24 hours.

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